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As the cryptocurrency market shows growth, XRP also benefits from the uptrend and thereby attracts the attention of crypto analysts.
Cryptocurrency trading expert Michael van de Poppe analyzed the price movement of the XRP price and expressed his opinion on the support and resistance lines of the token.
According to van de Poppe’s technical analysis, the resistance for short positions could be around $0.38. If the market rolls back, the level for long positions is $0.335.
Analysis of the price movement of XRP. Source: Michael van de Poppe.
Over the past few days, XRP has recorded an increase of about 7%, inspiring hope for an end to the bearish trend. Crypto community CoinMarketCap has also made a bullish forecast for the price of XRP, deciding that by the end of September 2022, XRP will be trading at an average price of $0.49.
The current price of XRP is $0.3535, which is $0.11 lower than the forecasted price. If bitcoin does rise to the $31,000 mark, according to some experts, the token will definitely not disappoint its holders.
Seven-day XRP price chart. Source: CoinMarketCap
Currently, the market capitalization of XRP is $ 17.6 billion, which provides the digital asset with the seventh place in the top 10 cryptocurrencies (CoinGecko data).
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